Organic Rankine Cycle

Organic Rankine Cycle

Global Organic Rankine Cycle Market to Reach US$1.3 Billion by 2030

The global market for Organic Rankine Cycle estimated at US$352.2 Million in the year 2023, is expected to reach US$1.3 Billion by 2030, growing at a CAGR of 20.4% over the analysis period 2023-2030. Geothermal Application, one of the segments analyzed in the report, is expected to record a 20.7% CAGR and reach US$1.1 Billion by the end of the analysis period. Growth in the Waste Heat Recovery Application segment is estimated at 18.3% CAGR over the analysis period.

Global CP22435 Organic Rankine Cycle Market - Key Trends and Drivers Summarized

The Organic Rankine Cycle (ORC) is a thermodynamic process that converts thermal energy into mechanical power, which can then be converted into electricity. This process utilizes organic fluids with a lower boiling point than water, making it especially suited for harnessing heat from low-temperature sources such as geothermal heat, biomass combustion, industrial waste heat, and solar thermal energy. The ORC operates similarly to a traditional steam turbine, but because it can work effectively at lower temperatures and with smaller temperature differences, it provides a practical solution for capturing and utilizing residual heat that would otherwise be wasted.

In industries where excess heat is a byproduct—such as manufacturing, power generation, and chemical processing—the implementation of ORC technology can significantly enhance energy efficiency. By converting this waste heat into additional power, facilities can reduce their energy costs and carbon footprints, supporting sustainability initiatives. The flexibility of the ORC also makes it an attractive option for renewable energy projects, such as geothermal and solar thermal plants, where it can boost efficiency and output without the need for additional natural resources. Furthermore, the adoption of ORC systems in these applications promotes a more stable and reliable energy supply, particularly in remote or off-grid areas, enhancing energy security and providing consistent power in regions with limited infrastructure.

The growth in the Organic Rankine Cycle market is driven by several factors. Increasing global awareness and regulatory pressures regarding environmental impact have prompted industries to adopt cleaner and more energy-efficient technologies. ORC systems, with their ability to recycle waste heat and reduce greenhouse gas emissions, are particularly well-positioned to meet these needs. Technological advancements have also played a crucial role, as improvements in ORC efficiency and the development of more robust and adaptable systems have broadened their applicability across diverse thermal conditions and industrial settings. Additionally, economic incentives such as grants, tax benefits, and favorable government policies aimed at promoting energy efficiency and renewable energy utilization have accelerated the deployment of ORC systems worldwide. Moreover, as energy prices continue to rise, the economic case for implementing ORC technology to reduce dependency on purchased power becomes even more compelling, driving further investment into this efficient and sustainable energy solution.

Select Competitors (Total 48 Featured) -

• Toshiba Corporation
• General Electric Company
• Siemens Energy AG
• Toshiba Mitsubishi Electric Industrial Systems Co., Ltd.
• Barber-Nichols, Inc.
• Enogia, Sas
• R&D Dynamics Corporation
• Air Squared, Inc.
• Sigma Thermal
• ElectraTherm, Inc.
• Entropea Labs Limited
• Opel Energy Systems Private Limited
• TransPacific Energy, Inc.
• Turboden SPA
• Boustead International Heaters Limited

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